China’s total trade with Russia has soared to levels not seen since the beginning of Vladimir Putin’s war in Ukraine, official data showed, as Beijing steps up support for its sanctions-hit ally.
Trade between the two countries last month was worth $20.5bn (£16.5bn), data from Beijing revealed, with Chinese imports from Russia worth $11.3bn.
There was no official breakdown of the figures, which also showed China’s exports more broadly falling for the first time since February – breaking a two-month growth streak following the easing of zero-Covid restrictions.
Rising global inflation, the threat of recession elsewhere and geopolitical tensions with the United States have weakened demand for Chinese products.
China’s exports fell 7.5pc from a year earlier in May and imports were down 4.5pc, adding to signs an economic rebound following the end of anti-virus controls is slowing as global demand weakens under pressure from higher interest rates.
But China’s trade with Russia bucked the otherwise grim trend for Beijing.
China is Russia’s largest trading partner, with trade between them reaching a record $190bn last year, according to Chinese customs data.
During a summit in March, Chinese President Xi Jinping and Russian leader Vladimir Putin pledged to boost trade to $200bn this year as they hailed their “no limits” partnership.
Russian energy deliveries to China were set to grow by 40pc this year, Deputy Prime Minister Alexander Novak said last month.
China’s exports to most destinations contracted in May, with double-digit declines to places including the US, Japan, Southeast Asia, France and Italy.
Imports declined 4.5pc to $218bn, better than an expected drop of 8pc, leaving a trade surplus of $66bn.
Chinese purchases from most regions declined in May, with contractions of more than 20pc in imports from Taiwan and South Korea — a sign of weakness in global electronics demand.
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